Allianz Real Estate purchased the "Kö-Galerie" on Königsallee, Düsseldorf's famous luxury shop-ping mile, for approximately €300 million. The sellers are funds managed by Blackstone and the Hamburg-based shopping center operator ECE.
The shopping and office center, in a central location at the heart of Düsseldorf, is rented out to numerous international brands such as Bally, Jil Sander, Lacoste, Gant, Thomas Sabo and Aigner. More-over, companies such as Rewe and dm drugstore offer products essential to everyday life, meaning that the products on offer appeal to a large range of consumers. The retail area is about 20,000 m² with 90 shops spread over 3 floors.
The modern office area covers nearly 30,000 m² on seven floors above the shopping center. The office area was recently renamed "Kö Höfe" to enable a clear differentiation from the retail space when marketing the offices. Last but not least, the property disposes of 1.000 basement parking spaces - an important advantage for real estate on Königsallee, where cars regularly double-park along the street. Center and property management will continue to be provided by Hamburg-based ECE.
"We are delighted to add this prominent property, located right in the center of Düsseldorf, to our portfolio", said Stefan Brendgen, CEO of Allianz Real Estate Germany GmbH. "In so doing, we are following our strategy of acquiring high-value retail properties in Europe."
Allianz Real was advised by Clifford Chance, CBRE and Valteq with regard to the transaction.
Source: Allianz Real Estate